Dogecoin price remains under intense pressure today, Nov.7, even as hopes of another DOGE ETF listing rise. DOGE was trading at $0.1610, down nearly 50% from its September high.
Bitwise DOGE ETF Launch Ahead?
There are high chances that the Securities and Exchange Commission (SEC) will approve another spot DOGE ETF soon. This is after Bitwise filed an 8(a) filing on Thursday.
Form 8(a) is usually one of the last filings that companies launching their ETFs file with the SEC. As a result, according to Bloomberg’s Eric Balchunas, there is a possibility that the fund will start trading in the next 20 days, barring any major setback.
Bitwise has already successfully launched its staking Solana ETF, which has attracted over $500 million in assets. It recently filed for its spot XRP ETF, and now it hopes that the DOGE fund will be approved.
The Bitwise DOGE ETF will be the second spot fund tracking the biggest meme coin in the industry. The REX-Osprey Dogecoin ETF (DOJE) was launched recently, with its main difference being that it uses the Investment Company Act of 1933.
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DOJE started well, with its daily volume and inflows rising, which signaled that the other Act. 40 ETFs will be as popular. Recently, however, the funds inflows have dried up and its assets have moved from over $35 million to $27 million today.
In contrast, other recently launched crypto ETFs have had robust inflows, with Solana and Hedera having $293 million and $70 million, respectively.
Dogecoin Price Technical Analysis
The daily timeframe chart shows that the DOGE price has dropped from a high of $0.3053 in September to the current $0.1690. It has moved below the ascending trendline that connects the lowest swings since June 24.
The token has also formed a death cross pattern, while the Relative Strength Index (RSI) and the Stochastic Oscillator have all moved downwards and are nearing their oversold levels.
Dogecoin price is now hovering at an important support level, which was along its lowest level on October 11. Moving below this level will point to more downside in the near term, potentially to $0.1. On the flip side, a move above the resistance at $0.20 will invalidate the bearish outlook.
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